20 Oct 20221020 Premarket Prep Gold

#Fin­twit #XAUUSD #GOLD #Mar­ket­Pro­file #Order­flow

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

Gold 2022 Week 42 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

• MN
  • Price trad­ing below body, with­in range
• W1
  • W1 Bear Engulf, 2nd Chance Entry, con­tin­u­a­tion, price trad­ing below body, below range
  • Price trad­ing above MN/W1 QLo

Nar­ra­tive

• D1
  • D1 Closed with­in D1 QLo, with­in D1 demand
• H4
  • Price trad­ing with­in Wide H4 QLo
  • Price retraced to a H4 Base sup­ply level
• Trend
  • Trend is Down
• Mar­ket Profile
  • Wide val­ue cre­at­ed below the previous
• LN Open
  • Prev. Day “Exceed­ed” ADR by 1.00
  • 0.30xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day but most­ly trad­ed higher
  • 0.42xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Val­ue Accep­tance, risky
• Hypo 3
  • Short
  • Late-Sus­tained Auc­tion, risky with Asia low in the way
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty / Con­fi­dence (1 — 5, low to high)

• 2

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Use SL scaling

• Twit­ter
• Insta­gram